Indonesia Company had P2,000,000 note payable due on June 30, 2021. Under the existing loan facility on December 31, 2020, the entity had the discretion to refinance the note payable for at least 15 months after the end of the reporting period. On December 31, 2020, what amount of the note payable should be reported as non-current liability?
Indonesia Company had P2,000,000 note payable due on June 30, 2021. Under the existing loan facility on December 31, 2020, the entity had the discretion to refinance the note payable for at least 15 months after the end of the reporting period. On December 31, 2020, what amount of the note payable should be reported as non-current liability?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter13: Investments And Long-term Receivables
Section: Chapter Questions
Problem 3MC: On July 1, 2019, Aldrich Company purchased as an available-for-sale security 200,000 face value, 9%...
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Indonesia Company had P2,000,000 note payable due on June 30, 2021. Under the existing loan facility on December 31, 2020, the entity had the discretion to refinance the note payable for at least 15 months after the end of the reporting period. On December 31, 2020, what amount of the note payable should be reported as non-current liability?
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